FI Warnings: Blumental Bank
Germany's Federal Financial Supervisory Authority (BaFin) warns of an unauthorised institution.
BaFin says that it has become aware of a letter circulating purporting to be issued by "Blumental Bank" and signed by its Managing Director, Mr Otto Blumental. The bank is said to be a division of L & B Ltd.
The letter, sent by e-mail, says that Blumenthal Bank has held a charity event and the victim is a winner - the victim is then referred to what BaFin terms "a credit check."
BaFin somewhat demurely says that it does not "yet" have evidence that "the bank" operates illegally or "provides other financial services that are subject to approval under The Banking Act."
But it does "make clear that neither the so-called Blumental Bank nor their CEO, Mr Otto Blumental" have any authorisation under The Banking Act, that it therefore has no authority to call itself a bank and the parent has no permission to issue correspondence purporting to be from a bank.
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